International Paper, conservation groups announce $300 million land deal

Over 24,000 acres of Georgia forest
are included in 218,000 acre sale.

Posted: Tuesday, March 28, 2006

The world's largest paper company will sell an estimated $40 million worth of Georgia forestland to The Nature Conservancy and The Conservation Fund. The sale is part of a 218,000 acre, $300 million deal announced by the three organizations on Tuesday.

Larry Selzer, president of The Conservation Fund, said the environmental nonprofit purchased the land in an effort to preserve Southeast forestland, where 25 million acres are projected to be lost to development by 2050.

"The opportunities to protect some of these vast landscapes are critically important opportunities that we cannot afford to pass up," Seltzer said during a conference call with media on Tuesday.

The acquisition, which stretches across 10 states, is the largest private land conservation sale in the South, according to John Faraci, chairman and CEO of International Paper.

"(IP) has been looking at selling some forest lands," Faraci said. "(This sale) is a unique opportunity to ensure long term conservation plans as part of this effort."

In Georgia, 24,120 acres near the Altamaha River will be purchased to preserve the ecosystem in that area, according to Christi Lambert, the southeast Georgia conservation director for The Nature Conservancy. In conjunction with the U.S. Army, The Conservancy plans to protect 187 acres of the purchased land located adjacent to Fort Stewart. Another 1,800 acres will be preserved and restored as part of the Georgia Department of Transportation's wetland mitigation program.

Steve McCormick, president of The Nature Conservancy, said the land acquisition aims not only to preserve the environment, but to preserve the South's culture and character as well.

Much of the property land will continue to be a working forest, McCormick said, adding that the trees will be sustainably harvested according to independent standards.

Under the terms of the agreement, a set amount of timber will be supplied to International Paper for local production. Sensitive areas will continue to be set aside from harvesting activities, McCormick said.